Just received this...... granted this publication is focused on investors, but we could sure use some good news....
Dear MoneyNews Reader, Saudi Arabia's oil minister Ali al-Naimi is warning that oil price hikes and global oil demand could soon disappear.
In fact, he is also warning that oil prices could easily "plummet" in the near future.
As you may know, Financial Intelligence Report, a sister publication of NewsMax and MoneyNews, has already issued the same warning to our investors. We also have revealed how investors can profit from the coming oil price drop - find out more.
Our track record on oil is impressive. In April 2004, Financial Intelligence Report predicted that oil prices would skyrocket from $29 per barrel to over $60 within 12 months. That forecast was dead on.
Today we feel that oil prices will continue to dramatically fall in the next 12 months to as low as $40 a barrel!
And please take a moment to read about the Saudi oil minister's comments on oil reprinted below from the Associated Press.
Thank you. NewsMax and MoneyNews.Com _____
Oil Minister: Don't Bank on High Growth NewsMax.Com Wires
AMMAN, Jordan - Saudi Arabia's oil minister warned Arab producers Sunday not to expect continued growth in prices and demand for oil.
Ali al-Naimi said prices could plummet if an economic crisis drives industrialized nations to find other sources of energy, citing the
1980s - when oil prices dropped by 80 percent after such nations reduced their dependency on Oil and turned to alternative energy sources.''Global economic growth may not continue at the same good momentum for years to come,'' al-Naimi said at the opening of a four-day conference of Arab energy ministers in Amman. ''We should be careful and not take expectations as indisputable, especially the continuation of big demand for oil and its prices remaining at the same level or increasing,'' he said.
Al-Naimi also cited the Asian economic crisis of 1997-1998, when oil prices fell by 50 percent, slowing Arab oil production.
''Some are even concerned about a looming economic problem because of the increased policies of economic protectionism, or what is known as economic nationalism,'' al-Naimi said, referring to Western countries' determination to become less dependent on Middle Eastern oil.
Sixty percent of the world's oil reserves lie in Arab countries, one third of global production comes from Arab sources and 40 percent of all oil business is conducted by Arabs, he said.
Global oil prices fell but finished last week roughly $2 a barrel higher, as traders' concerns about geopolitical threats and refinery snags outweighed evidence of rising supplies and forecasts calling for weakening global demand.
Crude futures dipped toward $72 a barrel Friday after the International Energy Agency reduced its 2006 world oil demand forecast. Earlier in the week, the U.S. Department of Energy said domestic gasoline supplies increased for the second straight week.
Still, oil prices are about 48 percent higher than a year ago, a reflection of the market's fear about real and possible output disruptions at a time when the world's supply cushion is perilously thin. Only Saudi Arabia has any spare production capacity, but it is less than 2 percent of the daily global demand of almost 85 million barrels and not the high quality crude that refiners prefer, analysts said.
U.S. Retail gasoline prices average roughly $2.89 a gallon, or about
70 cents more than last year.Did you know that oil inventories are at record levels? There is more oil available for use then in the past 10 years! Find out the facts: Get a copy of our FREE special report Profiting From the Coming Oil Bust.
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